Piper backs Turtle Bay with £6m

Turtle Bay was founded by Aj Jaya-Wickrema, co-founder of former Piper portfolio company Las Iguanas. The GP enjoyed a 6x multiple on the divestment of Las Iguanas in 2007.

Piper invested via Piper V, which closed on £107m in 2010. The investment is the third completed through the vehicle, following a £16m growth capital injection into café-bar chain Loungers and an £8m investment in cocktail bar chain Be At One.

Company
Founded in 2011 and based in Milton Keynes, Turtle Bay is a Caribbean restaurant group. The first restaurant opened in Milton Keynes in 2011, followed by sites in Bristol, Nottingham and Southampton. The business plans to open a further 20 outlets over the next three to five years following the capital injection.

People
Peter Kemp-Welch is a partner at Piper.

Advisers
Equity - MaxAim (Financial due diligence); Bond Dickinson (Legal). 
Company - Clarke Willmott (Legal).  

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Consumer
• Expansion
• United Kingdom
• Piper Private Equity